Leading IT firm Infosys faced headwinds in the third quarter, reporting a 7.3 per cent dip in its net consolidated profit for the October-December period. The profit figure came in at Rs 6,106 crore, down from Rs 6,586 crore in the corresponding quarter of the previous fiscal year (FY23). Notably, the company’s operating margin for the quarter experienced a sequential decline of 100 basis points (bps) compared to the previous year, settling at 20.5 per cent. Infosys adjusted its revenue guidance for FY24 to a range of 1.5-2 per cent in constant currency, while maintaining the operating margin guidance at…
Author: Sidhika Jain
Gautam Adani to invest Rs 2 Trillion Commitment to Gujarat’s Clean Energy Revolution “The Adani Group, led by the wealthiest Asian, Gautam Adani, disclosed its bold plan of investing Rs 2 trillion in Gujarat over the next five years. The conglomerate, known for its diverse interests from apples to airports, is strategically constructing three factories dedicated to manufacturing solar modules, wind turbines, and hydrogen electrolyzers. In the expansive Rann of Kutch desert, the group is spearheading the development of the world’s largest green energy park, covering an impressive 725 square kilometers. This groundbreaking initiative is poised to generate 30 gigawatts…
In 2023, Indian importers and exporters took a risk by leaving a larger portion of their foreign currency exposures unhedged, relying on the Reserve Bank of India (RBI) to maintain the rupee within a narrow range. According to Reuters’ calculations using data from Clearing Corp of India, forward contracts purchased by importers to hedge future foreign currency payments saw a 14.5% year-on-year decline in 2023. Similarly, hedging by exporters dropped by 12.5%. Some sources suggest that the actual drop in forward hedging might be even more significant, with a senior FX salesperson at a private bank estimating it to be…
The conglomerate led by billionaire Mukesh Ambani, Reliance Industries Ltd., operates a Boeing 737-9 Max variant one of the Alaska Airlines that has come under global scrutiny following a mid-flight fuselage section incident on Friday. Cirium flight data indicates that Reliance Industries is the sole entity in possession of a corporate jet with this specific Boeing 737-9 Max variant featuring a plugged mid-cabin exit door. While the recent Alaska Airlines incident involving the same model did not result in fatalities, it has prompted widespread concerns about the aircraft’s safety, leading several carriers to ground their entire fleets. The Federal Aviation…
The challenges faced by IT sector will shift our focus towards management commentary within the IT sector, providing insights into the current customer sentiments within BFSI and technology services. Additionally, there will be a keen interest in understanding the demand scenario unfolding in the key markets of the United States and Europe. Indian IT companies are anticipated to reveal a subdued performance in the third quarter, marked by higher-than-usual furloughs impacting revenue growth, caution industry observers. Despite expectations for unchanged demand outlook commentary, clients remain focused on scrutinizing discretionary spends and emphasizing cost optimization. In the upcoming week, major tech…
Dive into the Explosive World of Rohit Shetty: Indian Police Force Trailer Unveils a Riveting Cop Series with Sidharth Malhotra, Shilpa Shetty, and Vivek Oberoi, Offering a Spectacle of Elevated Action The much-anticipated trailer for Rohit Shetty’s debut cop action series, Indian Police Force, guarantees an unparalleled level of excitement and intensity. Shetty’s Cop Universe is all set to soar to new heights, promising a more expansive and thrilling experience, complete with a multitude of cars taking flight. The trailer, revealed on Friday, kicks off with a dramatic explosion, setting the stage for a gripping narrative. A compelling dialogue from…
Coffee Day Enterprises Ltd (CDEL), currently reducing its debts through asset resolution, conveyed in a regulatory update that the postponement in debt servicing is attributed to a liquidity crisis. Coffee Day Enterprises Ltd. has declared a total default of Rs 433.91 crore for the December quarter, encompassing interest payments and principal amount repayment on loans from banks, financial institutions, and unlisted debt securities. In a regulatory update, the company attributed the delay in debt servicing to a liquidity crisis. CDEL’s default includes Rs 183.36 crore on the principal amount of loans or revolving facilities, such as cash credit from banks…
Petronet holds a long-term LNG import agreement with Qatar, amounting to 7.5 million metric tons per year (tpy), while its associated stakeholders, including Indian Oil Corp, Bharat Petroleum Corp, and GAIL (India) Ltd, are engaged in a separate 1 million tpy deal. Petronet LNG, India’s leading gas importer, is on the verge of finalizing a deal this month to extend its long-term liquefied natural gas (LNG) imports from Qatar beyond 2028, as announced by India’s Oil Secretary. The current agreement involves a 7.5-million metric ton per year (tpy) long-term LNG import deal with Qatar, and its promoters—Indian Oil Corp, Bharat…
The 59 IPOs collectively achieved an average listing gain of 26.3%, with their cumulative average gain reaching 45% as of December 29. Notably, a mere four out of the 59 main-board IPOs were observed to be trading below their respective issue prices. In a year marked by key equity benchmarks scaling new heights and rallying nearly 20%, boosting investors’ wealth by close to Rs 82 trillion, IPO enthusiasts had much to celebrate. 2023 stood out as an exceptional year for primary market investors, witnessing 59 companies hitting the market, raising a cumulative Rs 54,000 crore. These offerings returned over 45%…
In addition to conventional physical and digital devices, the PIDF scheme now extends subsidy eligibility to include Soundbox devices and Aadhaar-enabled biometric devices. The Reserve Bank of India (RBI) has extended the Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025, originally launched in 2021 for a three-year period. The scheme primarily focuses on increasing the number of payment acceptance devices nationwide, with an emphasis on tier-3 to tier-6 cities and the northeastern states of India. It aims to create 3 million new touchpoints annually, including a special focus on Jammu & Kashmir and Ladakh. Under the PIDF scheme,…
